Document: Kahn v. McCarthy, et al., C.A. No. 4054-CC, Chandler, C. (Del. Ch. Sept. 24, 2008)
Plaintiff sought a temporary restraining order prohibiting Defendants from consummating the merger of PFF Bancorp (“PFF”) with FBOP Corporation, claiming the proxy statement submitted to shareholders should be amended to disclose an economic relief program recently proposed by the Secretary of the Treasury. The Court denied the motion because Plaintiff failed to show that the disclosures were material to PFF shareholders. The relief program, pursuant to which the federal government would purchase certain mortgage assets held by financial institutions, was substantively incomplete and had not yet been approved by Congress.